SEC v SiliconSage Builders, LLC
Construction, Forensic Accounting, Property Sales
The Bottom Line:
An insolvent, full-service real estate development operation in the San Francisco Bay Area with $300MM in liabilities and 12 ground-up developments for apartments, condominiums, and mixed-use projects in various stages of the entitlement, land-acquisition and development process came under the SEC’s scrutiny for securities fraud. Stapleton was appointed Receiver. [SEC v SiliconSagebuilders, LLC, et al.]
Actions:
As Receiver, we marshaled assets, performed a reconstruction of the capital stack of each project to determine net negative or positive equity, and completed underwriting for pending projects to determine the best exit strategy for each.
Working with lenders, we managed the completion of construction of 93-unit and 96-unit condominium towers and marketed the units for sale. We listed and received pending offers on projects with combined values exceeding $120MM, closed on the sale of a townhome, and lead investor communications.